- PRODUCTS & SERVICES
Debt Management: Bulk Faster Payments
Debt management companies typically make payments on behalf of their clients as part of the debt management process. Here’s how it works:
Consolidated Payment: When someone enrols in a debt management program with a reputable debt management company, they will work together to create a consolidated payment plan. This means that instead of making multiple payments to various creditors, the customer makes a single monthly payment to the debt management company. This is sent by the customer to the Debt Management company.
Distribution of Payments: The debt management company then takes the money paid to them and distributes it to your creditors on your behalf. They are responsible for ensuring that the agreed-upon amounts are sent to each creditor according to the terms negotiated in the customer’s debt management plan. These are the payments that could be made using the Engage Bulk Faster Payment service for low-cost, near real-time payments via our online portal DASHboard.
Here are some other payments that often get overlooked:
Debt Management Companies often have their own staff, including advisers, administrative personnel, and support staff. Outward payments cover salaries, benefits, and other compensation for their employees.
Payments are made for the purchase and maintenance of software and technology tools used for recruitment and talent management.
Like any business, Debt Management companies pay for office space, rent, utilities (such as electricity, water, and internet), and maintenance of their facilities.
If the company provides training or professional development to its employees, expenses related to training programs and materials are considered outward payments.
Payments cover office supplies, equipment, and technology needed for day-to-day operations.
To attract clients, Debt Management companies may spend money on advertising, marketing campaigns, and job board subscriptions. These expenses all constitute outward payments.
Payments may be made for legal and professional services, including legal counsel, accounting, and consulting services to support the company’s operations.
Staff may incur travel and entertainment expenses when meeting with clients or attending industry events. These expenses are typically reimbursed by the company and considered outward payments.
Some Debt Management companies receive fees or commissions from client companies for successfully referring customers. Outward payments may include referral fees to employees or external recruiters who referred to successful placements.
